Cattle futures continued higher Tuesday, supported by further downward correction in Corn futures and another day of higher wholesale beef values.
Feeder Cattle futures closed an average of 70¢ higher.
Live Cattle futures closed an average of 47¢ higher, except for $2.50 higher in expiring Feb.
Choice boxed beef cutout value was 61¢ higher Tuesday afternoon at 288.95/cwt. Select was even at $279.25/cwt.
Negotiated cash fed cattle trade ranged from limited on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service. There were a few early live trades in the western Corn Belt at $165/cwt., but too few to trend.
Last week, live prices were mostly at $164/cwt. in all regions, which was $2 higher in the Southern Plains, $3-$4 higher in Nebraska and $2-$4 higher in the western Corn Belt. Dressed prices were $3 higher in Nebraska at $260 and $3-$5 higher in the western Corn belt at $260-$262.
Erosion in grain and Soybean futures continued Tuesday as it appears export demand concerns and the promising domestic production outlook have funds on the defensive.
Corn futures closed 11¢ to 13¢ lower through old crop contracts, and then mostly 6¢ lower.
KC HRW Wheat closed 2¢ to 7¢ lower through Jly ‘24 and then mostly 6¢ higher.
Soybean futures closed mostly 22¢ to 32¢ lower through Aug ’24 and then 17¢ to 19¢ lower.
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